Discover your dream Career
For Recruiters

Daily Dispatches: If this professor’s pay plans were implemented, it would be very bad news indeed for bankers

Professor Lim Chong Yah's radical proposal early this week – for a wage revolution not unlike the 1979 one he was central to – drew criticism from disbelieving economists and businesses who saw it as 'economic suicide'. It is not hard to see why. His bold three-year plan includes a wage freeze for top earners while incomes for the poorest are raised by huge quantums - 15 per cent in each of the first two years and 20 per cent in the last year. (Asia One)

China Construction Bank is rolling out a major expansion of its domestic branch network in an effort to reach more consumers, a sharp shift in strategy for one of the nation's biggest state-controlled banks amid more political pressure to reach underserved parts of the economy. Zhu Xiaohuang, CCB's executive vice president in charge of retail banking, said the bank plans to open about 2,000 new branches over five years through mid-2016, or roughly 400 a year. (Wall Street Journal)

Chinese banks are seen as stable, despite the expected rise in bad loans, because of positive factors underpinning the banking system, Moody's said yesterday. (Shanghai Daily)

Deutsche Bank’s incoming co-chief executive is planning an overhaul of its operations, aiming to make its wealth and asset management operations work more closely with its investment banking arm in bid to emulate the business model of Swiss rivals Credit Suisse and UBS. (Financial Times)

author-card-avatar
AUTHOReFinancialCareers Asia Insider Comment

Sign up to Morning Coffee!

Coffee mug

The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Latest Jobs
The Bank of East Asia
Manager, Accounting Policy team
The Bank of East Asia
Hong Kong
Green Lake Executive Search Co. Limited
Equity PM, Equity Portfolio Manager
Green Lake Executive Search Co. Limited
Hong Kong
X-Giants International Hong Kong Limited
Business Development (B2B)
X-Giants International Hong Kong Limited
Hong Kong

Sign up to Morning Coffee!

Coffee mug

The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits.